Beginning July 1st Proposition 12 required pigs to be allotted 24 square feet of pen space for their meat (including bacon) to be sold in California. From the article: "...in June, California...[allowed] pork producers ... to sell their pre-existing inventory for the remainder of the year. Prices... charged higher as buyers rushed to load up on supplies before the law came into full effect." Draw a new market graph to show how prices increase and provide a written explanation

Answer rating: 100% (QA)

To illustrate the increase in prices due to Proposition 12 lets consider a simple supply and demand ... View the full answer